November 19, 2004
Carrier Access Corp. (Nasdaq: CACS) saw its share price fall by 71 cents, more than 7 percent, to $9.09 Thursday after it announced the resignation of CFO Tim Anderson (see Carrier Access CFO Quits).
Anderson has quit to be the CFO at another unnamed firm in Colorado, where Carrier Access is based, and his role will be taken on an interim basis by the vendor’s founder, and previous CFO, Nancy Pierce.
She was CFO from 1992 to 2000, and managed the firm’s IPO in July 1998. Pierce retains her role as corporate development officer.
Pierce says she can’t reveal where Anderson is going, but is adamant that the departure was amicable and that there’s nothing for investors to worry about.
”We’re in great shape, and we don’t have any problems with our accounting. Tim wasn’t asked to leave -- there’s nothing like that. Everything’s well under control, and we’re very positive about our prospects for 2005."
So has the vendor suffered a knee-jerk reaction caused by the telecom sector’s string of financial scandals? Analysts at Credit Suisse First Boston Corp. certainly think so. They maintain a target price of $11 for Carrier Access, saying that the resignation doesn’t change the vendor’s outlook.
In a research note, the Credit Suisse team said the vendor is well placed to boost revenues from its IP Centrex and other VOIP-related systems and, once its main U.S. mobile carrier customers Cingular Wireless and T-Mobile USA start spending again, to further boost sales of its wireless backhaul equipment (see Carrier Access Adds Gateways/Routers).
— Ray Le Maistre, International News Editor, Light Reading
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